Paul Denino, also known as "Ice Poseidon", is a livestreamer, Internet personality, and cryptocurrency enthusiast. In July 2021 he launched Cxcoin, a forked project he said was intended specifically to allow streamers and other content creators to earn money. Denino had said in an earlier video that "the reason why I'm not going to start a cryptocoin is because someone is gonna get fucked, because dude if I see a million dollars, I'm selling, I don't give a fuck. I'm not going to be like 'I'll hold for you guys', bro I see a million dollars in my portfolio, I'm out". He later claimed that he was just joking, though unfortunately this turned out to be exactly what he did (though with somewhat less than a million). Although Denino claimed he was "locked in" for five months, he started draining hundreds of thousands of dollars from the project only two weeks in, which served to tank the token price for remaining holders.
On January 31, 2022, a YouTuber named Coffeezilla released a video in which he confronted Denino about his actions and urged him to return the money to his fans who'd bought in on the project. Denino replied, "I could give the money back, it is within my power, but I am going to look out for myself and not do that." According to Coffeezilla, Denino took a total of $200,000 from the token's presale, $250,000 that was earmarked for marketing, and $300,000 from the liquidity pool. In the end, Denino pocketed around $300,000 and his developers took around $200,000. After realizing that Coffeezilla would be releasing the interview, Denino promised to "use the buyback function to put 155k into the liquidity" — which turned out to mean 155,000 BNB rather than dollars, roughly equivalent to around $40,000.